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Max Life Flexi Wealth Plus Plan

Max Life Flexi Wealth Plus is a combination of protection and savings plans. It offers a flexible and simple solution to fulfill the uncertain as well as certain requirements of your family members. This comprehensive term insurance plan helps you build your wealth in the long run. 

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Key Features of Max Life Flexi Wealth Plus Plan

Following is the list of Max Life Flexi Wealth Plus Plan:

  • Plan offers 2 variants as per your requirements:

    • Wealth variant: In this, you can select from a number of options of single pay, limited pay, and regular pay to build your wealth while protecting your family.

    • Whole Life variant: In this, you can select from a number of limited payment options in which the death cover benefit is applicable for your whole life.

The minimum amount of premium will differ depending on the option and variant chosen.

  • Option to choose premium payment term and policy term as per your needs:

    The plan offers flexibility to personalize with policy term and premium payment term options:

    Wealth Variant: 3 variant options are available i.e., single, limited and regular pay according to the below-mentioned combinations:

    Options Policy Term (PT) Premium Payment Term (PPT)
    Single pay 1 year 10 years -30 years
    Regular pay 10 to 67 years 10 years -67 years
    Limited pay 5 to 69 years 10 years – 67 years

    In Limited pay, PPT should be below PT. In regular pay, PPT should be equal to PT.

    Whole Life Variant: Premium payment term is between 7 years to 20 years. The policy term is equal to 100 years minus the entry age.

    • Multiple Fund Options: Option to choose from the below 5 strategies with no additional cost:

    • Lifecycle-based portfolio: Option to manage funds by forming a balance between debt and equity by systematic allocation on the basis on your changing age.

    • Self-managed portfolio: It is a strategy where your amount will be allocated in your selected fund.

    • Systematic transfer policy: It is an option that replicates a method of rupee cost averaging by systematically migrating your money from debt to equity each month.

    • Trigger-based portfolio: This is an event-based strategy that monitors your portfolio on monthly basis & rebalancing it to protect benefits made.

    • Dynamic fund allocation: It is a standardized method for outstanding the right balance between equity and debt by rebalancing the portfolio based on years to remaining years of maturity in the policy.

  • Free switches (unlimited): There is no such limit on the no. of switches exercised in a policy year. You have the option to switch plans a number of times without any prices being levied.

  • Return of mortality charges: At last, the protection cost will be taken care of by the company and the mortality charges paid during the tenure at maturity will be returned.

  • Guaranteed wealth booster & Guaranteed loyalty additions: Get guaranteed loyalty additions and guaranteed wealth boosters to increase your fund amount

  • Partial withdrawals 12 times in a year: You receive the option to withdraw the accumulated money within your plan funds 12 times in 1 year.

Eligibility Criteria of Max Life Flexi Wealth Plus Plan

Criteria Specifications
Type of Plan It is a unit linked-non-participating, individual life insurance policy
Minimum entry age 18 years
Maximum entry age 65 years
Maturity age 85 years
Policy Term For regular pay: cover till age 65,70,75,80,85 years
For limited pay: cover till age 65,70,75,80,85 years
Sum Assured Minimum: 50 Lakhs
Maximum: 1 Crore
Premium payment frequency Monthly, yearly

How Does Max Life Flexi Wealth Plus Plan Work?

Step 1: Select a variant as per your choice and annual premium

The plan is available in 2 variants which are:

  • Wealth variant, and

  • Whole life variant

Step 2: You may select from a range of premium payment term and policy term options according to the below-mentioned table, based on your chosen variant:

Variant Option Premium payment term Policy term
Whole life variant Limited 7 to 20 years 100 minus entry at age
Wealth Single 1 year 10 -67 years
Limited+ 5-29 years
Regular 10-67 years

+Premium payment term is less than policy term

Step 3: Choose your strategy for savings

In this, a range of 11 funds and 5 investment options are available to pick from. You can choose any of the investment strategies and no additional cost is applicable for the choices which are made. While one of the strategies ia s self-managed strategy which allows you to select any of the funds in any proportion and the other 4 are automated options that allows you to have a hassle-free experience rebalancing depending on a defined and set manner. Below are the funds mentioned:

  • High Growth fund: It is a multi-cap fund, focusing on mid-cap equities in which pre-dominant investments are the company’s equities with the potential for high growth in the long tenure.

  • Diversified equity fund: The objective is to invest at least of 70 percent of the corpus fund in varied equity stocks over the range of the whole capitalization, focusing on mid and large-cap companies.

  • Growth super fund: An equity-oriented fund in which at least 70 percent of the corpus fund is capitalized in equities all the time. And the rest amount is capitalized in debts across corporate, money market, and government markets.

  • Growth fund: This type of fund is invested in different sections of assets like government securities, equities, corporate bonds, and money market tools.

  • Sustainable equity fund: The objective is to capitalize in chosen companies from the investment sector, which do business environmentally and socially while maintaining standards of government.

  • Balanced fund: This invests in the debt products like government securities, money markets, corporate bonds, etc, that are issued by the Government of India and to some level in the money market and corporate bonds.

  • Conservative fund: This type of fund mainly invests in debt tools like government securities, money market instruments, corporate bonds, etc. These are issued by the State governments/Government of India and to some level in corporate bonds and money market instruments.

  • Dynamic fund: The objective of this fund is to make high returns by investing it in good quality tools involving corporate bonds, money market instruments, and government securities. It also focuses on maximizing returns, keeping liquidy and safety of the portfolio in mind.

  • Secure fund: This type of fund mainly invests in debt instruments like money market instruments, corporate bonds, and government securities, etc. issued majorly by State Governments/Governments of India, banks, and corporate.

  • Money market fund: The objective of this type of fund is to deliver returns linked to the levels of the money market from a portfolio with minimal rate of interest and credit risk in order to offer a high level of capital safety.

  • Secure plus fund: The objective of this fund is to offer higher investment security by way of higher investment proportion in sovereign documents that carry a guarantee for repaying principal and interest from the Indian Government.

Funds Risk Rating
High Growth Very High
Diversified Equity High
Growth Super High
Growth High
Sustainable Equity Fund High
Balanced Medium
Conservative Low
Dynamic Bond Low
Secure Low
Secure Plus Low
Money Market Low

Discontinuance policy fund: This fund option is only available in case of surrendering or discontinuing the plan within the first 5 years. The risk rating is low for this fund.

Benefits of Max Life Flexi Wealth Plus Plan

  1. Death Benefit

    In the case of the policyholder’s death during the policy term, the nominee/beneficiary shall receive the highest of the following benefits:

    • Fund Value (as of the death date)

    • Sum Assured (decreased by allowed partial withdrawals, if any), or

    • 105% of the full premium received up to the death date

    The plan terminates on the policyholder’s death.

  2. Maturity Benefit

    • Fund Amount: You will be liable to get an amount at maturity, provided the option of settlement has not been exercised, i.e., equivalent to the fund amount, where the value of the fund will be computed as:

    • Fund Value: Total number of units in fund X respective NAV of the fund as on the maturity date.

  3. Return of Mortality Charges (RoMC)

    At the time of maturity during the end of the policy term, the total amount of mortality charges that are deducted in respect of the sum assured provided throughout the policy tenure. This will be added back as RoMC, to the fund amount, as applicable.

    Let’s understand the maturity benefit with the help of an example:

    For Wealth Variant

    Age Annual Premium (in Rs.) Premium Payment Term Policy Term Fund value at maturity
    4% return rate 8% return rate
    35 1,00,000 5 10 556594 760100
    35 2,00,000 1 10 215506 324938
    40 1,00,000 5 10 554861 757390
    40 2,00,000 1 10 215357 324842

    For Whole Life Variant

    Age Annual Premium (in Rs.) Premium Payment Term Policy Term Fund value at maturity
    4% return rate 8% return rate
    35 1,00,000 7 65 4626304 48763915
    35 2,00,000 10 65 14243861 141755128
    40 1,00,000 7 60 3897186 34138520
    40 2,00,000 10 60 11972438 98649693
  4. Guaranteed Loyalty Additions

    These additions are paid as a % of the full fund amount at the last of each policy year i.e., starting from the 6th year of policy and at the end of each year of the policy, provided all the due amounts of premium have been paid for different premium bands as discussed below:

    • Band 1: Not applicable

    • Band 2: 0.25%

    • Band 3: 0.40%

  5. Guaranteed Wealth Boosters:

    The company also pays guaranteed wealth boosters that is an additional fund value % to be added to the fund by generating additional units at the last of every five years i.e., starting from the 10th year of the policy. They are a form of additionally guaranteed additions and the additional % will be assessed by the premium amount paid by the policyholder as:

    • Band 1: Not Applicable

    • Band 2 & 3: 2%

  6. Tax Benefits

    Get tax benefits as per the prevailing laws of the Income Tax Act, of 1961.

Policy Details

  • Switching of policy: You have the option to switch between the available fund options anytime during the policy tenure, subject to a minimum amount for switching of Rs. 5000. There are no such limits on the number of switches done in 1 year of the policy. The policyholder may switch any time without any rates being levied.

The policyholder shall not be allowed to avail of this option during the discontinuance period in the first 5 years of the plan. Switches will only be allowed during the time of settlement.

  • Premium Redirection: The policyholder may redirect the future amount of premium between available fund options anytime by providing written notice before the due date of the premium. He/she should notify the amount or premium proportion to be paid to the company into each fund during redirection. A maximum of 6 redirections of premium are allowed in any year of policy and all are free of any charges.

  • Partial Withdrawal:

    • Partial withdrawal will not be allowed in the first 5 years of the policy and then a maximum of 12 partial withdrawals can be taken in 1 year of the policy.

    • The minimum amount for partial withdrawal for one transaction is Rs. 5000

    • If the policyholder is minor, partial withdrawals are not applicable till the minor policyholder attains 18 years of age.

    • This means partial withdrawal is only allowed if the policyholder is at least 18 years at the date of partial withdrawal.

  • Decrease or increase in policy term or premium payment term: A decrease or increase is allowed in the policy term and premium payment term under the policy, subject to all due amounts of premium that are being paid and completion of lock-in time.

  • Option of Settlement: Policyholders may have at least 15 days before the policy’s maturity date availed for a settlement option, where the policy will continue after the date of maturity for a time exceeding 5 years from the date of maturity. In this option, you will get periodical payments of unit fund amount by canceling units at their applicable NAV.

  • Premium Reduction: At the time of completing the first 5 policy years, the policyholder has the option to decrease the amount of premium up to 50 percent of the actual annual premium amount, subject to the minimum limit of premium, provided all due premium amounts have been paid. The life assured should inform the company about the decision to apply this option at least 15 days before the due date of the premium.

  • Grace period: 30 days of grace period is allowed from the premium due date and 15 days in case of monthly mode is allowed for the payment of each premium.

  • Free look period: The policyholder has a free look time of 15 days (and 30 days in case if the plan is sourced from distance marketing) from the receipt date to review the T&Cs of the plan. In case you are not satisfied with any of the T&Cs, the life assured has the option to return the plan mentioning the reasons for objections. The amount will be received equivalent to the non-allocated premium amount plus levied charges by canceling the units plus the fund amount at the cancellation date, minus charges deducted towards rider and mortality.

  • Surrendering of policy: Policyholders have the right to surrender the plan anytime during the policy term by informing the insurer in writing. The surrender benefit is equivalent to the fund amount minus discontinuance/surrender charges.

  • In case of surrendering the policy within the lock-in time, the insurer will give the fund amount by generating units into the discontinuance plan fund after deducting all the discontinuance or surrender prices.

  • In case of surrendering the policy after five years i.e., after the lock-in-time completion, the unit account will be closed and the surrender value is paid equivalent to the fund amount of the units in the segregated fund on the receipt date of surrender request and then the plan shall terminate afterward.

  • Revival Period: Policyholders have the option to revive the plan within 3 years from the date of discontinuance to revive your plan. This option is subjected to below conditions:

    • Providing a written request to revive the plan

    • Paying the company’s all overdue contractual premium amounts

    • Providing insurability evidence of the policyholder at your own price acceptable to the insurer

  • Nomination: The nomination shall be allowed u/s 39 of the Insurance Act, 1938.

  • Assignment: The assignment shall be allowed u/s 38 of the Insurance Act, 1938


Suicide: if the policyholder dies because of suicide, whether insane or sane, within 1 year (12 months) from the inception date of the policy or from the revival date of the plan, the beneficiary/nominee shall be eligible for the fund amount, as available on the date of informing of death.

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Max Life Flexi Wealth Plus Plan Reviews & Ratings

4 / 5 (Based on 51 Reviews)
(Showing Newest 10 reviews)
Bhikiyasen, March 02, 2021
Fulfil the requirement
My term insurance plan has fulfilled my and my family requirements. It has so many additional features which will make my term plan worth it. I got the max life term insurance policy. Great team.
Barwani, February 19, 2021
Survival plan
I have got the survival plan when I bought this max life term insurance policy from the policybazaar. I checked few plans into the website and found this amazing plan. I am thanks to team policybazaar.
Uttamnagar, October 17, 2016
Beneficial Policy
The max life term insurance plan i have bought in low premium is fully satisfactory to me. Services provided by the members of the insurance company is fantastic, online renewal facility reduces the paperwork. The updates regarding insurance plan is mailed to me regularly.
Amalapuram, September 26, 2016
Fair Insurance
Got max life term insurance plan in less premium. The service is fantastic with 24X7 customer service. Online renewals and updates are on website of the company. Policy covers maximum expenditure and claims are simple to sanctioned.
Greater_noida, July 26, 2016
Max insurance plan
My friend suggest me to buy a insurance policy. After some researching i purchase term insurance plan from max newyork life insurance. The insurance plan is perfect. Even the online portal service is so simple anyone can access it. Good returns in low premiums.
Nainital, July 26, 2016
Term plan
Max life term plan of mine is fantastic which has maximum benefits and high returns in less investments. Policy coverage is high ~89% and the claims are easy to get. Service is fabulous provided by the executives and staff of the company.
Aallapalli, March 29, 2016
Gonda, February 29, 2016
Good Service
Max life policy is a good policy in Term market. Policy Bazaar is a good supporter for customer. Thanks Policy Bazaar
Kolkata, February 06, 2016
I have life insurance and the premium is low. The claim is around 19 lakh at the end of the policy. The service is real good and on time. But the claiming process is slow. An average policy.
Plan Name: Online Term plan
Agent Code: BPW01312
Dehradun, February 06, 2016
Life secure with max insurance. Service is nice and fast. Policy coverage is 90% and claims are high but the premiums are very less. Around eighteen lakh is amount of payback at the end of policy.
Plan Name: Online Term plan
Agent Code: BPW01312
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